Tax Tips
If you felt that your land tax bill skyrocketed in the 2014/2015 income year you would be right. This is because the overall value of residential land has increased by 22 per cent. What's interesting is how much the rates of land tax vary by state. If the land value of your investment property is $1 million then the land tax you need to pay for the 2016 financial year is $8,388 in NSW, but in the ACT it is $11,292 and in Victoria it is only $2,975.
Even though women in Australia won the right to vote in 1902, there are still countless areas of life where that notion of equality hasn't always been fulfilled. Just recently the Australian Tax Office made a clarification on the use of hand bags as being a potential work-related deduction in the same way that a briefcase can be.
It's no April fool's joke, from 1 April, private health insurance premiums are set to increase by at least 6 per cent.
With the 2016 Federal election looming, all sides of politics are putting forward their views on taxation policy. So it seems like a good opportunity to share some basic thoughts on our view of taxation.
With all the discussion of increasing the GST that is taking place one of the hot issues in taxation has almost slipped under the radar. And that's bracket creep.
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0422 311 350
Email
infotaxgo@gmail.com
Address
3/2a Martin Place
Mortdale NSW 2223
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